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Second Chance CEO ups stake, may cash in on City Plaza en bloc

Chan Chao Peh
Chan Chao Peh8/14/2017 08:00 AM GMT+08  • 4 min read
Second Chance CEO ups stake, may cash in on City Plaza en bloc
(Aug 14): Mohamed Salleh, founder and CEO of Second Chance Properties, has been buying shares in his company almost every other day for the past couple of months from the open market. Salleh, who is planning to contest in the presidential election, now ow
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(Aug 14): Mohamed Salleh, founder and CEO of Second Chance Properties, has been buying shares in his company almost every other day for the past couple of months from the open market. Salleh, who is planning to contest in the presidential election, now owns 67.6% of the company. According to the company’s most recent annual report, his stake as at Nov 14, 2016 was 65.8%.

Second Chance runs a chain of apparel and jewellery shops, but its bigger value lies in its portfolio of more than 50 retail units. The company had tried but failed to monetise some of that value three years ago. But there may be a selling opportunity on the horizon.

In 2014, the company tried to sell some of its properties to Celestine Asset Management for $175.4 million. Celestine had planned to repackage the properties into a retail real estate investment trust. However, the plan fell through as the Singapore Exchange was concerned that placing strata-titled properties in a REIT would mean weaker management control. Since then, Second Chance has been selling the assets in a piecemeal fashion.

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